A world currency...

[arthra]

A world script, a world literature, a uniform and universal system of currency, of weights and measures, will simplify and facilitate intercourse and understanding among the nations and races of mankind.

~~~ Baha'u'llah, The Proclamation of Baha'u'llah, pp. xi-xii







Medvedev Shows Off Sample Coin of New ‘World Currency’ at G-8

By Lyubov Pronina

July 10 (Bloomberg) -- Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”

“Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.”

The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

The question of a supranational currency “concerns everyone now, even the mints,” Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.”

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar’s future as a global reserve currency. Russia’s proposals for the G-20 meeting in London in April included the creation of a supranational currency.

To contact the reporter on this story: Lyubov Pronina in L’Aquila, Italy at lpronina@bloomberg.net

 

[shawn]

Maybe the time is right for this idea....we shall see.
So many have smashed down all previous attempts.
But if people do not know who owns the money they are using...well, that is slavery.
There needs to be transparency in such matters and the people need to own the money, not just a few elite families such as the case is with today's fiat currency.

 

[wil]

http://www.interfaith.org/forum/unity-in-diversity-11780.html

love to see your comments.

 

[iBrian]

There are very political reasons why China and Russia would want to see people flee US debt as world currency.

 

[arthra]

There are very political reasons why China and Russia would want to see people flee US debt as world currency.

Thanks for your post Brian!


As you probably already know Baha'is have no political agenda of course but we have been interestd in a world currency for quite some time.. also the theme Unity in Diversity has been a Baha'i watchword for many years..

- Art

 

[juantoo3]

...a uniform and universal system of currency,...

It already exists, and its one of the oldest currencies: gold. Everything else (except maybe other precious metals and some would argue gems) is a lick and a promise, nothing more.

 

[Dream]

I agree partly with Juantoo3, although I doubt there is enough gold in the world anymore to serve our populations. Arthra, you quoted the Bab saying we must come up with 'A uniform and universal system of currency, of weights and measures' There is a lot of planning that goes into some currency like that.

1. Uniformity: The same currency has to be spendable on food, as real estate, and anything else. One currency for all markets and for both poor and rich with few exceptions. Perhaps healthcare could be one of them.

2. Universality: Who will issue the money? Who will back up the notes and the promises? Who will prosecute high level obstructions in the monetary system? Who will convince the countries to agree to a non-gold yet universal standard and commit to it?

3. Cashflow: There must be enough cash to go around plus extra. If the money is not usable by the poor, then they will be disenfranchised. Its got to be something small and durable, touchable. The nice thing about paper money is that right now there is so much in circulation it actually helps keeps people working, investing, buying, enterprising, eating. The fact you can hold it in your hand gives you control over you own spending. Having only virtual money might be a guaranteed bank dictatorship.

4. Equal weights: To have a worldwide system with 'Equal weights' you will have to standardize land values, food prices, storage, homes, and all the basic staples. Anything that is a basic unit of value, such as concrete, must be permanent, or at least not based on random supply and demand. The prices will have to be predictable. Who could enforce this? Not me!

 

[wil]

Great points Dream and exactly why 99.99 fine Gold, Silver, Rhodium, Paladium are the only type materials to use for an international currency.

They have an internationally traded and accepted value already.

They can be made in small enough currency values to at least be used to 'break change' in any other countries currency.

Truth is as our forfathers fought over anyone who 'prints money' makes money and the paper becomes worthless. This inflationary issue has happenned to all currency hence the reason our constitution only says COIN money out of gold or silver...and we didn't have any significant inflation until our infamous private concern called the federal reserve was created and we were hoodwinked.

If we create an international currency the question is...who will make the money off making money...and why should we contribute to it?

 

[shawn]

If we create an international currency the question is...who will make the money off making money...and why should we contribute to it?

Good question.
i think that money should be issued as is with no cost attached.
If it costs, then there is a debt which can never be paid off as there will never be enough cash to cover that.
A billion dollars issued into circulation should cost ultimately....a billion dollars, not a billion plus extra fees plus interest, etc. plus plus plus.

 

[Avi]

If we create an international currency the question is...who will make the money off making money...and why should we contribute to it?

I am usually also wary of new beauracracies, but I think this one would be a good one. It will help the poorer countries bring their currencies up to the richer ones. It will break down barriers to trade.

I think the Euro is helping, but I would like to hear more of the opinions of the Europeans.

 

[wil]

A billion dollars issued into circulation should cost ultimately....a billion dollars, not a billion plus extra fees plus interest, etc. plus plus plus.

It does today. That is the problem. In our method the Federal Reserve buys currency from Treasury at cost. And who pockets the money? The private banks that make up the Federal Reserve (which is neither Federal nor has a Reserve).

So say it costs $1.83 to make a $1.00 bill...(it is something like that, hence their reason for keeping trying to get us used to a dollar coin) So the Fed pays Treasury 1.83 billion for a billion. But...and a big but. It costs $1.83 for a Five and costs $1.83 for a ten and costs $1.83 for a twenty and costs $1.83 for a fifty and costs $1.83 for a hundred dollar bill or $98.17 profit for the Fed.

So the question is....if they print an international currency...who is going to make the money? And who makes it on the Euro, or the currency in other countries?

And why do we keep contributing to the Federal Reserve?

 

[juantoo3]

Truth is as our forfathers fought over anyone who 'prints money' makes money and the paper becomes worthless. This inflationary issue has happenned to all currency hence the reason our constitution only says COIN money out of gold or silver...and we didn't have any significant inflation until our infamous private concern called the federal reserve was created and we were hoodwinked.

Bingo! I was hoping I wasn't the only one aware of this.

 

[juantoo3]

Good question.
i think that money should be issued as is with no cost attached.
If it costs, then there is a debt which can never be paid off as there will never be enough cash to cover that.
A billion dollars issued into circulation should cost ultimately....a billion dollars, not a billion plus extra fees plus interest, etc. plus plus plus.

But that goes against every principle of economics and currency. And that is the underlying problem with specie money (paperbacks), and don't get me started on "electronic" money.

Money, by definition, must have value. Not so long ago that value was intrinsic...a dollar worth of gold was worth a dollar and could be traded as such. With paper it started as a promise for gold, and from there it became simply a promise. Now the "Federal" banks won't even allow us minions a promise. A "world bank?" How on earth could bigger possibly be any better? Doesn't the excesses and pitfalls of the IMF convince anyone (else) otherwise???

Forgive me, I mean no disrespect, but if an international or world currency is advocated by the Bab, or whoever...in my humble opinion they are misguided in that consideration. Unless they could find a way to return to intrinsic value in currency.

Not to mention, that is specifically one of the warning flags for Christians watching for the end time of Revelations...a significant mark of the One World Order prophesied...and its not a pretty prophecy. Even if I could disregard the prophecy, philosophically I would object because it would make whoever controlled the currency the De Facto ruler of the world.

 

[juantoo3]

So the question is....if they print an international currency...who is going to make the money? And who makes it on the Euro, or the currency in other countries?

*cough* Rothschild *cough* Rockefeller *cough*

Sorry, allergies.

 

[Dream]

I am usually also wary of new beauracracies, but I think this one would be a good one. It will help the poorer countries bring their currencies up to the richer ones. It will break down barriers to trade.

I think the Euro is helping, but I would like to hear more of the opinions of the Europeans.

It does sound intriguing. I just don't see how to make it work. Perhaps all of the world banks will get together with the UN & EU and work out treaties to the same effect.

Not to mention, that is specifically one of the warning flags for Christians watching for the end time of Revelations...a significant mark of the One World Order prophesied...and its not a pretty prophecy. Even if I could disregard the prophecy, philosophically I would object because it would make whoever controlled the currency the De Facto ruler of the world.

True, but maybe the banks are already the De Facto rulers of the world. In that case, its already a twisted version of Utopia in which it is the populace and not the kings that are ignorant. I am not joking. It seems to me like a solid possibility. Boy, how did that happen?

...that is specifically one of the warning flags for Christians watching for the end time of Revelations...a significant mark of the One World Order prophesied...

Those elastic end-time interpret-Taters of Revelation aren't doing us any favors, but their time is soon over anyway. Their end became a certainty the day that someone put the Bible into a computer. I would not want to be in their shoes right now. Those Interpret-Taters!!!

 

[immortalitylost]

Great points Dream and exactly why 99.99 fine Gold, Silver, Rhodium, Paladium are the only type materials to use for an international currency.

They have an internationally traded and accepted value already.

They can be made in small enough currency values to at least be used to 'break change' in any other countries currency.

Truth is as our forfathers fought over anyone who 'prints money' makes money and the paper becomes worthless. This inflationary issue has happenned to all currency hence the reason our constitution only says COIN money out of gold or silver...and we didn't have any significant inflation until our infamous private concern called the federal reserve was created and we were hoodwinked.

If we create an international currency the question is...who will make the money off making money...and why should we contribute to it?

Here here, I heartily agree with you there. I find our (the US's) 'inflation situation' now a direct consequence of our breach of the constitution. "It's a living document" my a*se. People just like to make a quick buck. Who cares at what expense to the country. Worst idea ever, paper money. Terrible.

A world script, a world literature, a uniform and universal system of currency, of weights and measures, will simplify and facilitate intercourse and understanding among the nations and races of mankind.

~~~ Baha'u'llah, The Proclamation of Baha'u'llah, pp. xi-xii

Oh, no, no no no. Uniform language, literature, turns to uniform culture.

There is a reason that different languages were developed, and I view that as a direct result of the differences in culture.

We don't need any mishmash world melting pot of culture, and in my mind that's exactly what you get when you get rid of a culture's native language.

A loss of culture.

A world the same would be much too bland for my tastes. Diversity can be a very good thing. Let's try to keep it that way. We don't all have to sound the same and think the same way to get along. Let's try to work on getting along without all the extremes.

 

[arthra]

Well the watch word is also unity in diversity and who decides? The world body representing the peoples and cultures of the earth.. mostly by necessity.

Anyway welcome to the Baha'i Forum everyone..

Baha'u'llah was the one who proposed away back in 1871 that the countries of the earth hold a representative parliament to decide how to reduce the likelyhood of armed conflict.. this didn't really happen on an international scale to any extend except afte rthe great world wars of the last century...a world currency and a world system of weights and measures among other things were also recommended.. so it's taking awhile but as the saying goes "better late than never"!

Abdul-Baha furtehr reveals the plan of Baha'u'llah made over a century ago!

And His plan is this: that the national assemblies of each country and nation -- that is to say parliaments -- should elect two or three persons who are the choicest men of that nation, and are well informed concerning international laws and the relations between governments and aware of the essential needs of the world of humanity in this day. The number of these representatives should be in proportion to the number of inhabitants of that country. The election of these souls who are chosen by the national assembly, that is, the parliament, must be confirmed by the upper house, the congress and the cabinet and also by the president or monarch so these persons may be the elected ones of all the nation and the government. From among these people the members of the Supreme Tribunal will be elected, and all mankind will thus have a share therein, for every one of these delegates is fully representative of his nation. When the Supreme Tribunal gives a ruling on any international question, either unanimously or by majority-rule, there will no longer be any pretext for the plaintiff or ground of objection for the defendant. In case any of the governments or nations, in the execution of the irrefutable decision of the Supreme Tribunal, be negligent or dilatory, the rest of the nations will rise up against it, because all the governments and nations of the world are the supporters of this Supreme Tribunal. Consider what a firm foundation this is! But by a limited and restricted League the purpose will not be realized as it ought and should. This is the truth about the situation, which has been stated.

~ Abdu'l-Baha, Baha'i World Faith, p. 292

 

[arthra]

World currency has been anticipated for awhile.. See the following:

In a "special contribution" to the 1994 Human Development Report, James Tobin, winner of the 1981 Nobel Prize for Economics, observes that "a permanent single currency" would eliminate much if not all of the turbulence currently associated with the huge amount of currency speculation on world markets today. Observing that such a single world currency is probably a long way off, he proposes as an interim measure an "international uniform tax" on spot transactions in foreign exchange.
United Nations Development Programme (UNDP). Human Development Report 1994.

From:

A Tax on International Currency Transactions. (New York: Oxford University Press.) p. 70.